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INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

NASDAQ:INDB - Nasdaq - US4538361084 - Common Stock - Currency: USD

58.04  -0.32 (-0.55%)

After market: 58.04 0 (0%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to INDB. INDB was compared to 398 industry peers in the Banks industry. While INDB seems to be doing ok healthwise, there are quite some concerns on its profitability. INDB has a correct valuation and a medium growth rate. INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

In the past year INDB was profitable.
In the past year INDB had a positive cash flow from operations.
Each year in the past 5 years INDB has been profitable.
INDB had a positive operating cash flow in each of the past 5 years.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

INDB has a better Return On Assets (0.99%) than 66.33% of its industry peers.
INDB has a worse Return On Equity (6.42%) than 66.83% of its industry peers.
Industry RankSector Rank
ROA 0.99%
ROE 6.42%
ROIC N/A
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

The Profit Margin of INDB (27.85%) is better than 77.14% of its industry peers.
In the last couple of years the Profit Margin of INDB has declined.
INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 27.85%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

4

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, INDB has less shares outstanding
Compared to 5 years ago, INDB has more shares outstanding
The debt/assets ratio for INDB has been reduced compared to a year ago.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

The Debt to FCF ratio of INDB is 0.30, which is an excellent value as it means it would take INDB, only 0.30 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of INDB (0.30) is better than 86.93% of its industry peers.
A Debt/Equity ratio of 0.02 indicates that INDB is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.02, INDB belongs to the top of the industry, outperforming 86.18% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.02
Debt/FCF 0.3
Altman-Z N/A
ROIC/WACCN/A
WACC12.96%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

5

3. Growth

3.1 Past

INDB shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -13.32%.
The Earnings Per Share has been decreasing by -4.31% on average over the past years.
INDB shows a decrease in Revenue. In the last year, the revenue decreased by -1.52%.
The Revenue has been growing slightly by 6.29% on average over the past years.
EPS 1Y (TTM)-13.32%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%-5.36%
Revenue 1Y (TTM)-1.52%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.37%

3.2 Future

Based on estimates for the next years, INDB will show a very strong growth in Earnings Per Share. The EPS will grow by 24.01% on average per year.
Based on estimates for the next years, INDB will show a very strong growth in Revenue. The Revenue will grow by 21.93% on average per year.
EPS Next Y19.37%
EPS Next 2Y24.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year16.59%
Revenue Next 2Y21.93%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 12.93, the valuation of INDB can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of INDB is on the same level as its industry peers.
INDB is valuated cheaply when we compare the Price/Earnings ratio to 28.79, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 8.29, the valuation of INDB can be described as very reasonable.
INDB's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. INDB is cheaper than 73.12% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.38, INDB is valued rather cheaply.
Industry RankSector Rank
PE 12.93
Fwd PE 8.29
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

INDB's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 11.81
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
INDB's earnings are expected to grow with 24.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.67
PEG (5Y)N/A
EPS Next 2Y24.01%
EPS Next 3YN/A

8

5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 4.04%, which is a nice return.
INDB's Dividend Yield is a higher than the industry average which is at 3.54.
Compared to an average S&P500 Dividend Yield of 2.47, INDB pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.04%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.
INDB has been paying a dividend for at least 10 years, so it has a reliable track record.
INDB has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

50.08% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP50.08%
EPS Next 2Y24.01%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

INDEPENDENT BANK CORP/MA

NASDAQ:INDB (4/25/2025, 8:15:49 PM)

After market: 58.04 0 (0%)

58.04

-0.32 (-0.55%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-17 2025-04-17/amc
Earnings (Next)07-16 2025-07-16/amc
Inst Owners85.88%
Inst Owner Change-0.16%
Ins Owners0.82%
Ins Owner Change3.42%
Market Cap2.47B
Analysts80
Price Target74.97 (29.17%)
Short Float %3.46%
Short Ratio4.2
Dividend
Industry RankSector Rank
Dividend Yield 4.04%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP50.08%
Div Incr Years14
Div Non Decr Years30
Ex-Date03-31 2025-03-31 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.05%
Min EPS beat(2)-6.14%
Max EPS beat(2)2.05%
EPS beat(4)2
Avg EPS beat(4)-0.56%
Min EPS beat(4)-6.14%
Max EPS beat(4)6.39%
EPS beat(8)4
Avg EPS beat(8)-1.47%
EPS beat(12)7
Avg EPS beat(12)-0.37%
EPS beat(16)11
Avg EPS beat(16)4.78%
Revenue beat(2)0
Avg Revenue beat(2)-1.48%
Min Revenue beat(2)-1.67%
Max Revenue beat(2)-1.29%
Revenue beat(4)0
Avg Revenue beat(4)-1.88%
Min Revenue beat(4)-3.54%
Max Revenue beat(4)-1.01%
Revenue beat(8)0
Avg Revenue beat(8)-2.08%
Revenue beat(12)3
Avg Revenue beat(12)-1.57%
Revenue beat(16)4
Avg Revenue beat(16)-1.18%
PT rev (1m)0%
PT rev (3m)0.64%
EPS NQ rev (1m)-0.43%
EPS NQ rev (3m)-0.65%
EPS NY rev (1m)-0.19%
EPS NY rev (3m)1%
Revenue NQ rev (1m)0.01%
Revenue NQ rev (3m)1.05%
Revenue NY rev (1m)0%
Revenue NY rev (3m)7.43%
Valuation
Industry RankSector Rank
PE 12.93
Fwd PE 8.29
P/S 3.59
P/FCF 11.81
P/OCF 10.76
P/B 0.83
P/tB 1.24
EV/EBITDA N/A
EPS(TTM)4.49
EY7.74%
EPS(NY)7
Fwd EY12.06%
FCF(TTM)4.92
FCFY8.47%
OCF(TTM)5.4
OCFY9.3%
SpS16.19
BVpS70.24
TBVpS46.84
PEG (NY)0.67
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.99%
ROE 6.42%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 27.85%
GM N/A
FCFM 30.37%
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.02
Debt/FCF 0.3
Debt/EBITDA N/A
Cap/Depr 49.98%
Cap/Sales 2.96%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 109.06%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC12.96%
ROIC/WACCN/A
Cap/Depr(3y)50.27%
Cap/Depr(5y)54.76%
Cap/Sales(3y)2.72%
Cap/Sales(5y)3.15%
Profit Quality(3y)123.13%
Profit Quality(5y)109.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-13.32%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%-5.36%
EPS Next Y19.37%
EPS Next 2Y24.01%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-1.52%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.37%
Revenue Next Year16.59%
Revenue Next 2Y21.93%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-19.78%
FCF growth 3Y8.28%
FCF growth 5Y0.94%
OCF growth 1Y-16.99%
OCF growth 3Y6.53%
OCF growth 5Y1.21%